Navicure, a provider of cloud-based healthcare billing and payment solutions, today announced key findings from its third ICD-10 readiness survey, deployed in January 2015 in conjunction with Porter Research. The findings revealed physician practices are generally optimistic about being ready for the October 1, 2015, transition date, although only 21 percent feel they are currently on track with preparation efforts.
As with Navicure’s first two surveys, the majority of participants (57 percent) were practice administrators or billing managers from practices with one to 10 providers. The next largest group was billers and coders who made up 14 percent, followed by practice executives (13 percent).
The survey found physician practices’ state of ICD-10 preparedness varies widely. The majority (81 percent) are still optimistic they will be ready when the transition happens, and overall optimism toward ICD-10 readiness generally remained high. The findings were centralized around the themes of timing, readiness and challenges, including:
- Physician practices don’t think ICD-10 will be delayed again. The majority of respondents (67 percent) believe the ICD-10 transition will take place on the October 1, 2015, implementation deadline.
- Potential impact on revenue and cash flow is the greatest concern. Fifty-nine percent of respondents noted cash flow was a concern, while 12 percent indicated their greatest concern is staff productivity, followed by 11 percent who are most concerned the transition will be delayed again.
- Respondents feel the biggest challenge will be dealing with unprepared payers. Forty-one percent of respondents cite lack of payer readiness as the most challenging aspect of the transition. End-to-end testing with payers remains a priority for practices, though the percent of those opting out of testing opportunities is increasing.
“Since 2013, Navicure has been conducting ICD-10 readiness surveys, which have allowed us to gain broad perspective on how we can best help healthcare organizations prepare for the transition,” said Jim Denny, founder and CEO of Navicure. “We remain committed to providing ICD-10 education and training resources for both clients and prospective clients, and we are eager to help them through a successful transition so they can maintain healthy revenue cycles and efficient workflows.”
This survey was a follow up to surveys conducted in April and November 2013. Navicure will sponsor additional surveys in 2015 to continue monitoring changes in attitudes and transition activities as the implementation deadline draws near. To view the complete, current survey results and analysis, visit www.navicure.com/surveythree.
Navicure’s cloud-based healthcare billing and payment solutions help healthcare organizations of all sizes increase revenue, accelerate cash flow, and reduce the cost of managing insurance claims and patient payments. Serving more than 50,000 healthcare providers nationwide, Navicure’s technology solutions automate account receivables processes, including claims management; patient eligibility verification; remittance and denial management, including automated secondary claims filing, appeals, and posting; reporting and analysis; and patient payment collections at and near the time of service. Navicure’s solutions are supported by its unique 3-Ring® Client Service which guarantees that a client service representative will answer every client call in three rings or less, even during times of transition such as 5010 and ICD-10.
Navicure is the exclusive billing and payment solution of the MGMA AdminiServe® Partner Network and an MGMA Executive Partner. In the past seven years, Navicure has been included among the top three clearinghouses in a field of more than a dozen solutions ranked by KLAS® (www.klasresearch.com), winning “Best in KLAS” distinctions in 2008, 2010 and 2012. Navicure also received the 2013 Gold Stevie Award for Healthcare Customer Service Team of the Year as part of the 2013 Stevie Awards for Sales and Customer Service. Navicure continues to be ranked among the fastest growing companies nationally in the Inc. 5000 and Deloitte Fast 500 rankings. For more information, please visit www.navicure.com.
About Porter Research
Porter Research – a Billian Inc. company – has for over 20 years worked diligently to understand and assess each client’s unique needs and to build a customized business-to business research program to achieve desired goals.
The company has worked with over 300 healthcare IT companies, providing many with Goto-Market Strategies based on its unparalleled experience, proven methodologies and knowledge-based analysis. Porter Research enables its clients to operate in a fast-changing market of new, emerging technologies and health reform issues such as ICD-10. It provides the unbiased results that healthcare clients need to make informed, strategic business decisions.
For more information, visit www.PorterResearch.com, follow @PorterResearch on Twitter, or call 678-282-1033.